Canadian Dollar Eyes Lower Towards 1.19 Area

  • USD/CAD is trading lower in the last 15 months.
  • Minor recovery is in three waves only
  • It may test 1.19 area after the traiangle break out

USD/CAD is trading lower since March 2020. And it fell to a new low last week as expected but not so far, so it can be maybe too soon to say that downtrend is finished.As per Elliott Wave analysis minor rally is also in three waves so it can be corrective, or part of a higher degree correction. Therefore, we are looking for a triangle now in wave four which will be expected to cause more weakness this week, ideally towards 1.19.

USD/CAD 4h Elliott Wave Analysis Chart

usdcad Elliott Wave analysis

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